New Mountain Capital, an investment firm, has announced an agreement to acquire the commercial insurance division of NSM Insurance Group. Located in Pennsylvania, NSM is a company focused on niche insurance programs. The deal’s financial terms haven’t been disclosed, but the companies anticipate closing the transaction within the coming 45 days.
NSM, based in Conshohocken, Pennsylvania, manages a portfolio of approximately 15 niche insurance programs and operates a retail brokerage. The firm has received financial backing from Carlyle, a global investment firm. Geof McKernan currently serves as CEO of NSM, with Bill NcKernan as president. Following the acquisition, both McKernan and NcKernan will join New Mountain Capital’s board of directors. However, Aaron Miller, NSM’s chief commercial lines officer, will take on the role of CEO for the commercial lines division once it becomes part of New Mountain Capital, according to a company news release. Miller brings over two decades of experience in the property-casualty commercial lines sector.
The acquired commercial division will continue to operate under the NSM brand until a new brand name is established. NSM was founded in 1990 and currently manages approximately $2 billion in premium. New Mountain Capital, headquartered in New York, has roughly $55 million in assets under management, focusing on long-term capital appreciation and business growth.
